'We expect revenue of $4.56bn, in line with consensus, when eBay reports 4Q13 results after the close on Wednesday, January 22, on modest deceleration in Marketplaces revenue growth and slight revenue acceleration in payments. While eBay may have benefited from more consumers shopping online as the result of the shorter holiday season and brick-and-mortar inventory stock-outs in late November, it faced a tough comp in December and likely suffered from longer shipping times for many of its sellers. While forward guidance may reflect a need for additional investment in PayPal, we continue to believe that, at 17x 2014 adjusted EPS estimates, eBay represents a compelling risk/reward,' said Terry."